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Updated August 9th, 2021 at 23:48 IST

CarTrade Tech IPO witnesses a subscription of 23% on Day 1, GMP falls; see more details

As per the latest data available, CarTrade Tech's Rs 2,999-crore IPO, which opened on Monday, has received a 23% subscription so far. Check other details here

Reported by: Vidit Dhawan
CarTrade Tech IPO
Image: Unsplash/Shutterstock | Image:self
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The Indian stock market has witnessed a stellar bull market since equities hit their lows in March 2020 as a result of the Coronavirus pandemic. Amidst this run, the IPO market has been in a frenzy as several initial public offerings (IPOs) launched in this period have given outstanding returns.

The latest IPO to be launched is the CarTrade Tech IPO. The CarTrade Tech IPO was launched on Monday and will close on August 11. The IPO price band is Rs 1585 to Rs 1618 per equity share and the share will be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

CarTech IPO subscription status

As per the latest data available, CarTrade Tech's Rs 2,999-crore IPO, which opened today, has received a 23% subscription so far. The public issue of this share is entirely an offer for sale (OFS) of 1.85 crore equity shares. The premium of the CarTrade Tech IPO has reportedly fallen to Rs 310 from Rs 700 last week due to the recent weak listings of Glenmark Life Sciences and Rolex Rings. According to reports, shares of CarTrade Tech were trading at Rs. 1,928 per share. This is a premium of 19% in the grey market.

Retail investors subscribed to half of their reserved portion on the first day of bidding itself. On the other hand, non-institutional investors (NIIs) and qualified institutional buyers (QIBs) are yet to put in their bids. The online auto classified platform company is backed by well-known investors such as Warburg Pincus, Temasek, JP Morgan and March Capital. Moreover, CarTrade also raised Rs. 900 crore from anchor investors on August 6.

CarTrade Tech company additional details

CarTrade Tech company, which was founded in 2009, is an online platform that allows customers to trade both used and new cars. This company also offers a multi-channel auto platform with a presence across various vehicle types and value-added services through its brands. CarTrade Tech generates revenues primarily from commission and fees from auctions. However, they also receive revenue from their remarketing services, online advertising solutions, lead generation, dealers, banks, among other sources.

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Published August 9th, 2021 at 23:48 IST

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